Portal de Periódicos da CAPES

Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90

2000; UNIVERSIDADE DE SÃO PAULO; Volume: 4; Issue: 3 Linguagem: Português

10.11606/1813-8050/ea218825

1980-5330

Antônio Gledson de Carvalho,

Financial Reporting and Valuation Research

The Brazilian capital markets, in special the stock market, apparently had great development in the 90’s – mainly one looks at market capitalization, traded volume and new issues. However, several signs of decline appeared at the end of the decade - reduction of volume traded and new issues. High interest rates and CPMF are commonly blamed for this contraction. This work shows that the referred development was an illusion since 1) the number of public firms was declining since the beginning of the decade, and 2) market concentration was increasing (i.e., only a small number of firms took advantage of the expansion). Some elements indicate that the low protection for minority investors is one of the reasons for the atrophy of the Brazilian capital markets.